Page:United States Statutes at Large Volume 92 Part 1.djvu/267

 PUBLIC LAW 95-268—APR. 24, 1978

92 STAT. 213

Public Law 95-268 95th Congress An Act To amend the Foreign Assistance Act of 1961 with respect to the activities of the Overseas Private Investment Corporation.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE

1. This Act may be cited as the "Overseas Private Investment Corporation Amendments Act of 1978". SECTION

Apr. 24, 1978 [H.R. 9179] Overseas Private Investment Corporation Amendments Act of 1978. 22 USC 2151 note.

PURPOSE AND POLICY

SEC. 2. Section 231 of the Foreign Assistance Act of 1961 is 22 USC 2191. amended— (1) by inserting after the first undesignated paragraph the following new undesignated paragraph: "The Corporation, in determining whether to provide insurance, financing, or reinsurance for a project, shall especially— "(1) be guided by the economic and social development impact and benefits of such a project and the ways in which such a project complements, or is compatible with, other development assistance programs or projects of the United States or other donors; and "(2) give preferential consideration to investment projects in less developed countries that have per capita incomes of $520 or less in 1975 United States dollars, and restrict its activities with respect to investment projects in less developed countries that have per capita incomes of $1,000 or more in 1975 United States dollars."; (2) by amending subsection (e) to read as follows: "(e) to the maximum degree possible consistent with its purposes— "(1) to give preferential consideration in its investment insurance, reinsurance, and guaranty activities to investment projects sponsored by or involving United States small business; and "(2) to increase the proportion of projects sponsored by or significantly involving United States small business to at least 30 percent of all projects insured, reinsured, or guaranteed by the Corporation;"; (3) in subsection (m), by striking out the period at the end thereof and inserting in lieu thereof "; and"; (4) by adding at the end thereof the following new subsection: "(n) to decline to issue any contract of insurance or reinsurance, or any guaranty, or to enter into any agreement to provide financing for an eligible investor's proposed investment if the Corporation determines that such investment is likely to cause a significant reduction in the number of employees in the United States."; and

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